So you want to establish your accounting firm? That’s fantastic. Nevertheless, we’re sure that you have any questions regarding what skills you’ll need to manage a successful accounting business. You see, accountants are in charge of delivering financial administration services and advice to the customers.
Therefore, while establishing an accounting firm might be similar to starting any small business, there are also several fundamental skills that you should strive to learn and build upon to make you and your firm more appealing to prospective clients. Simply said, the more skillful you are in these areas, the more successful you will be. On that note, here are three skills you need to run an accounting firm.
Leadership and Management Skills
The art of management has taken on a new dimension in today’s unpredictable economic climate and business world. From remote working to co-sourcing and alternate working arrangements, management has never been more challenging. Even with hundreds of resources at your disposal, being in a managerial position might seem like leaping over a cliff with no lifeline if you’re unprepared. Whether it’s efficient time management or how to interact with tough individuals, the leadership skills you gain today might determine the success of your accounting firm.
The most effective accounting professionals practice these skills daily. Time management, for example, is a misnomer because we all have the same 24 hours in a day. However, establishing objectives and prioritizing our 24 hours determines how we optimize the gift of time.
You can attend live webinars or take self-study CPE courses. Many of these courses are recognized as interactive self-study for CPAs in all states, satisfying the QAS standards of the NASBA (National Association of State Boards of Accountancy). These kinds of self-study courses are excellent for professional education and personal development. They address key topics such as the art of being a good manager, dealing with difficult people, and managing millennials. Even better, they can be completed at your own pace.
While accountants and auditors examine a company’s financial statements and account to verify that they are correct, up to date, and according to different regulatory requirements, an auditor’s key role is to track and examine the work of accountants.
They audit the accountants’ financial accounts to confirm that they appropriately portray the company’s financial status and ensure that these financial statements (particularly those issued annually by public firms) are prepared in compliance with generally accepted accounting principles (GAAP).
Therefore, to run a successful accounting firm, you’ll need external and internal audit skills. Thankfully, there are accounting and auditing online CPE courses that offer the latest developments in the industry, such as how to test internal control in a single audit, identify new frauds, and understand the new lease accounting standards.
From 15 December 2022, private companies in the United States will be expected to adopt the new lease accounting standard (ASC Topic 842, Leases). So, you’ll need to be ready to audit such transactions appropriately. However, to begin some of these online courses, you may need to have a general understanding of AICPA (American Institute of CPAs) Professional Standards.
Every business, irrespective of sector, requires some sort of marketing to attract new customers and grow. After all, it takes a certain kind of skill to convince people that they need your services. Therefore, you’ll need marketing skills to increase your client base and hire qualified staff. You have to advertise your company, which can be particularly difficult if you’re just getting started.
While traditional marketing tactics like print aren’t going away, digital strategies are becoming increasingly important. As a result, you’ll need newer marketing skills like social media marketing, email marketing, graphic marketing, and website administration to successfully run your accounting firm.